The Lenfest Inst for Journalism Spe Asset Fund of the Phl Foundation

“The philadelphia foundation fund has the power to appoint and remove all members of the board of directors of tpf special assets fund. The philadelphia foundation has the power to appoint and remove one member of the governing body of the lenfest institute.”

“Tpf special assets fund's (saf) right to amend its governing instruments is subject to the approval of the philadelphia foundation. For the lenfest institute, the right to amend governing instruments and certain other powers are subject to approval by saf, the sole member.”

“Tpf special assets fund's public accounting firm prepares the form 990 based on the information provided by members of the finance team. Once the return is prepared, it is reviewed by the finance team along with executive management before being provided to the audit committee and governing body for their review.”

“Board members, standing committee members, and staff shall advise the president and ceo of the tpf special assets fund (saf) of affiliation with any grantee, potential grantee or vendor in response to an annual questionnaire from saf and at any other time when such person becomes aware of an affiliation which has not previously been disclosed. No member of the board or any standing committee who is affiliated with any organization being considered for a grant from saf shall participate in the consideration of such grant, or shall vote on such grant award. No member of the board or any standing committee who is affiliated with any vendor of goods or services to saf shall participate in the consideration or administration of any contract with such vendor. No member of the staff of saf shall, without the permission of the president and ceo, be affiliated with any grantee, prospective grantee or vendor to saf.”

“The executive committee of the institute's board of managers, without participation of the ceo, is responsible for establishing annual compensation for the institute's ceo. Prior to the annual anniversary of the ceo's hiring date, the executive committee researches comparable salary and benefits data, such as data available from salary and benefit surveys, to learn what nonprofit employers with similar missions, similar budget and located in the same or a similar geographic region pay their senior leaders. The executive committee may choose to use an outside expert to assist it with this research. The executive committee documents who was involved and the process used to conduct the salary review, including the criteria used to evaluate the performance of the ceo. It presents its performance review, comparable salary data and compensation recommendations to the full board for its approval prior to the annual anniversary of the ceo's hiring date. This process last occurred in 2018. The institute's ceo is responsible for reviewing and deciding compensation for other key employees of the organization. The ceo uses data from salary and benefit surveys as needed to learn what nonprofit employers with similar missions, budgets and geographic regions pay their senior leaders. The ceo discusses compensation decisions with members of the executive committee. This process last occurred in 2018.”

“The philadelphia foundation makes the governing documents and conflict of interest policy for tpf special assets fund available upon request. With the tpf special assets fund being included in the consolidated audited financial statements of the philadelphia foundation, they are available through the philadelphia foundation's annual report and also on the philadelphia foundation's website.”

“For the purpose of reporting the number of employees during the year, tpf special assets fund is reporting on part iv, line 2a the employees paid by a related organization, the philadelphia foundation, since tpf special assets fund reimburses the salary and benefits paid to these individuals.”

“Consulting related to grant funded programs: program service expenses 1,675,736. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,675,736. Payroll processing fees: program service expenses 0. Management and general expenses 15,000. Fundraising expenses 0. Total expenses 15,000. Administrative fee to philadelphia foundation: program service expenses 0. Management and general expenses 91,577. Fundraising expenses 0. Total expenses 91,577. Temporary staffing for fundraising back office: program service expenses 0. Management and general expenses 0. Fundraising expenses 64,995. Total expenses 64,995.”

“Tpf special assets fund does not issue any w-2s, but rather reimburses its related organization, the philadelphia foundation, for salaries paid to employees devoting time to the lenfest institute for journalism. Within the statement of functional expenses, the salaries reimbursed to the related organization are reported as such in part ix of the filing.”